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Guidelines to choosing a niche

Choosing a niche is a vital part of creating a successful business. If you try to open and operate your new store in a crowded and popular product category or market, you’re going to have a really tough uphill battle fighting against the already established competition. This is precisely why choosing a subset of a market (niche) is so important.

What is a niche

A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment.

Just because everyone wants a new laptop doesn’t mean you should sell laptops. In fact, that’s a good reason to avoid the niche. There’s a ton of competition.

Top trending niches to notice

1)Personal Finance
Credit scores, mortgage refinancing, debt relief, personal loans… there is a shortage of needs when it comes to the personal finance niche. People need help managing their money or securing money they need for important expenses.

2)Beauty Treatments
Having smoother tighter skin, being more radiant, erasing wrinkles. Looking younger and more attractive is a goal of many people.

3)Make Money on the Internet
This is a way you can share your expertise about making money on the internet. You could create your own information products, courses, ebooks, or coaching programs.

4)Gadgets and Technology
Whether it’s a tablet or smartphone, computer speakers, mp3 players, smart devices for the home, thumb drives, cellphone cases, earphones… people are in love with gadgets and accessories. Everybody wants the latest technology (can anyone say new iPhone). And depending on your capital, you can capitalize on that in a few ways.

5)Wealth Building Through Investing
Let’s face it, people want to make money. And they know that stocks, bonds, options, forex (currency trading), futures, and other investment products are a way to do that.

Also known as self-help, this is a huge niche online. There are courses and programs, books, videos, online training, coaching.

Although it’s not much of a big deal here in Nigeria, People love their pets. There are estimated 180 million dogs and cats in the U.S. alone.

Although there’s no scientific way to choosing a niche, there are lot’s of different methods you can use. From simple Google searches, to building a mind-map to utilizing keyword research to help uncover great niches, there are many ways to build your niche list. In the next section, we will explore a few of them.

I’d like you to start by making a list of all of the topics that you have intimate knowledge of. You can draw on past work experience, life experience, or even topics from the area around where you live.

How to identify or choose your niche

Identify your interests and passions.

This may be something you’ve already done. But, if you haven’t, make a list of 10 topical interests and passion areas, immediately.If you’re not passionate about your e-commerce niche, you’ll likely fail.Entrepreneurship means devoting significant time, resources, and energy to the business.When you have no passion for the product you’re selling, your motivation goes straight out the window.

Business isn’t easy, and at some point it will test you. If you are working in an area that you don’t care about, your odds of quitting will greatly increase — especially as a first-time business owner.

Identify problems you can solve.

With your list of 10 topics in hand, you’re ready to start narrowing down your options. To create a profitable business, you first need to find problems your target customers are experiencing, then determine whether you can actually solve them.

You can narrow your niche in the same way by adjusting your target audience to those who rarely get attention, such as novice versus advanced individuals in your industry. Another option is to focus on a certain geographical area.

Determine the profitability of your niche.

You should now have a pretty good idea of what niche you’re going to get into. Maybe you haven’t narrowed your list down to a single topic area, but you’ve likely found a few ideas you feel pretty good about.

At this point, it’s important to get an idea of how much money you have the potential to make in your niche. If you want to pursue passion rather than profit, then these options may not prove terribly exciting. Neither is wrong or right; it just depends on the situation.

So, browse top products in your category. If you can’t find any offers, that’s not a good sign. It might mean that nobody has been able to monetize the niche.

Test your idea.

You are now armed with all of the information you need to choose a niche, and the only thing left to do is test your idea. One simple way to do this is to set up a Website page for sales of a product you’re developing. You can then drive traffic to this page with paid advertising.

Check out the competition

Before you decide on a niche, look closely at your potential competitors.If several sites already dominate the space, you might not want to take them on.Should you decide to move forward, you’ll know what hurdles you face to gain market share.

Understand Your Target Audience

Let’s assume you’ve found a keyword with low competition and a relatively high volume of monthly searches.Your niche topic probably looks really attractive right about now, but there’s still more work to do. The main thing to focus on now is to get to know your target audience.

It becomes very easy to sell something online when you know exactly who you are selling to.It’s possible to ask a lot of different questions and get responses that aren’t terribly helpful, so there’s one question in particular you should prioritize

Keyword & Competitive Research

Competition tells you that there is money to be made in this niche.Now, keyword research can sound really complex and can frustrate people who aren’t numbers-oriented, so let’s make this as simple as possible.Go to Google’s External Keyword Tool.

Walk the neighborhood

You never know when inspiration might strike.Entrepreneurship has become extremely popular, so take a walk (or drive) around your community.Pay close attention to the most popular businesses.

Track the trends

You can’t always rely on trends to choose an niche.Many fads and products rise and fall in popularity without warning.That’s why you want to go with a niche that shows a consistent upward trend.

Potential Market Size

If you are selling something online, there has to be a demand for it to justify your effort. If you are trying to sell something that nobody wants, good luck finding a buyer.The easiest way to gauge a market’s size is by using the Google Keyword Planner. If you think about it, Google is the collective database of nearly every query humans have – so their data is pretty solid.You can also gauge market size using social media.

Are there lots of people sharing/talking about products similar to yours(or the effect that product has)? If so, that can be a good indication of a market size. Sometimes, it will be difficult to find an exact keyword for your product. If that’s the case, turn to social media.

Explore Popular Communities on Social Media

Each social media platform, from Facebook to Snapchat, offers valuable insight into any market segment. You can easily learn what is trending simply by spending a few hours on social media.

For Instagram and Twitter, you can quickly find trending products by searching through hashtags. Facebook will have groups and fan pages on any given topic, giving you an insider’s look into what a loyal customer based behaves like.

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